Influential factors on Willingness to Pay for a Battery Electric Vehicle in Bangkok, Thailand
Electric vehicle is expected to be the future of the automotive industry. It has benefits in energy consumption, maintenance costs, and pollution emission. Therefore, the world promoted electric vehicle as an alternative choice to create a sustainable way of using vehicle and energy. The electric vehicle is defined as a vehicle that fully uses electricity as the power source. Thailand is in the beginning phase of the electric vehicle since a few brands introduce the fully electric vehicle in Thailand. The assessment of the willingness to pay for this type of vehicle has not been done in Thailand. The objective of this research is to identify the influential factors that effect on the willingness to pay for an electric vehicle. The questionnaire survey is developed using the Contingent Valuation Method, and distributed randomly to 400 people in Bangkok and Metropolitan Area. Multiple regression is employed to identify variables affecting the amount of money people are willing to pay for an electric vehicle. Significant factors are average family income, number of the car in the family, age, etc. On average people are willing to pay for an EV car at about 910,000 Baht. Recommendations to policymakers and auto manufacturers are also discussed.